QUESTION
Can the bank auction my properties if I obtain a bankruptcy letter?
Asked on Feb 26th, 2014 on Bankruptcy - California
More details to this question:
I have loans with the bank that I’m unable to repay. Will they be able to auction my properties if I obtain a bankruptcy letter?
9 ANSWERS
Deborah F. Bowinski
What is a bankruptcy letter? If you have assets that you wish to protect the only realistic options for you will involve retaining an experienced lawyer to assist you. You may be able to save your properties from foreclosure by filing for personal bankruptcy, but there are too many missing and important details to know for sure.
Answered on Mar 03rd, 2014 at 4:34 PM
What is a bankruptcy letter? If you file bankruptcy, you obtain a certificate of filing, not a mere letter. Bankruptcy can stall a foreclosure but unless you resolve the issues you have with your lender, the foreclosure can and will come back to bite you. Please proceed with an experienced attorney so you don't shoot yourself in the foot.
Answered on Feb 28th, 2014 at 11:00 PM
I am not sure what you mean by "bankruptcy letter". Do you mean if you file bankruptcy? If you are not paying on the mortgage loans, the mortgage company can either, a) obtain relief from the automatic stay and foreclose on your home, or b) wait till you get your discharge in the Chapter 7 then foreclose on your home. They have every right to foreclose. You will not have not have any personal liability for these mortgage loans, but nonetheless, the mortgage company can foreclose on the home.
Answered on Feb 28th, 2014 at 10:59 PM
Debt Settlement Attorney serving Chicago, IL
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Law Offices of Daniel J. Winter
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There is no such thing as a "bankruptcy letter". If you mean a bankruptcy stay notice that a case has been filed, a bankruptcy at least temporarily stops a foreclosure auction. Call a bankruptcy lawyer now to discuss your options, before it is too late to stop the sale.
Answered on Feb 28th, 2014 at 10:59 PM
Debt Relief Attorney serving Anaheim, CA
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Marlin Branstetter Attorney at Law
If you are asking if the bank can foreclose on real estate if you file bankruptcy the answer is yes. The bankruptcy will delay the foreclosure until the bank obtains permission from the court to foreclose. This type of permission is usually granted.
Answered on Feb 28th, 2014 at 10:58 PM
2 Awards
In general, filing bankruptcy discharges the debtor's obligation to pay the creditor. However, depending on whether the debtor is an individual or business the debt may or may not be liquidated by the bankruptcy trustee to pay creditors.
Answered on Feb 28th, 2014 at 10:55 PM
Bankruptcy Attorney serving Walnut Creek, CA
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Alan E. Ramos Law Offices
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I don't know what a "bankruptcy letter" is. If you mean a letter from an attorney that you intend to file a bankruptcy petition, that will not stop a foreclosure. The only way to stop a foreclosure is to actually file a bankruptcy petition or to obtain a Temporary Restraining Order from the Superior (State) Court.
Answered on Feb 28th, 2014 at 10:54 PM
If you file bankruptcy before the auctions occur, it will stop the pending sales until the bank is able to get permission from the bankruptcy court to foreclose on them. A bankruptcy thus would postpone foreclosure by at least 30 days and probably much longer.
Answered on Feb 28th, 2014 at 10:47 PM
Consumer Bankruptcy Attorney serving Los Angeles, CA
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Orantes Law Firm
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If you have properties with equity, you need to be very careful that you file under the correct chapter if you want to keep your properties. A bankruptcy filing does automatically stop a foreclosure sale (auction).
Answered on Feb 28th, 2014 at 10:46 PM